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Galesburg Reporter

Tuesday, November 5, 2024

Former state school employee Malone paid in $106K to teachers' pension fund, could collect $2.23M in retirement

Money 07

Former state school employee Jerri Malone, who retired in May 2018, saved $105,655 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Malone would collect as much as $2.23 million, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Malone received $46,967 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Malone will have already received $145,170 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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